Changing jobs is a natural byproduct of an ongoing career. If trying to look good for a bank, here is what you need to know for your new job to count for a mortgage. Mortgage companies typically want you to have the same field of work for the most recent last two years. A solid…
It is no secret getting approved for a mortgage loan requires a fair amount of paperwork. Here is what you should know if there if there is anything questionable in your past… When you apply for a mortgage for the first time or you’re a little rusty on the process, it’s reasonable to expect some…
Buying home is probably the largest financial transaction you will ever do life. Where you store your down payment funds can mean difference between a smooth or dicey process… Buying a home does require a down payment of at least 3.5%. While there are programs which require no money down, most have more restrictive income…
In today’s world of mortgage lending showing enough income is paramount to qualifying. Here are some alternative income forms that can be used for a mortgage qualifying… Mortgage banks look for income to offset debt. If you’re monthly debt payments exceed your income you may have a tough time qualifying for a mortgage. Underwriting which…
If you have some credit challenges preventing you from getting mortgage with competitive rates and fees, read on. Here are some tips you can take to the bank… Know this: you need not have perfect credit to buy a home or get a mortgage. Your credit just needs to be sufficient; good, bad, ugly or…
Your home mortgage is reported to the credit bureaus each month just like any other credit obligation. These reporting practices aides’ banks in granting credit requests. Here are two reasons why your mortgage loan might not show up on your credit report… Your loan is in the name of someone else-When you apply for a…
Lending guidelines were recently loosened on cash out refinance transactions. If you’re looking to refinance and pull out funds for home improvement, or another project, here’s what you should know if your loan size exceeds $417,000. Mortgage loans bigger than $417,000 are going to cost more. Here’s why: when a mortgage loan exceeds $417k the…
Most people who apply for mortgages base their decision on how much they can afford while keeping costs low and manageable. Here are some things to consider if you’re looking at a shorter-term financial picture… Fixed Rate vs. ARM The mortgage king is still the plain old 30 year fixed rate. On such a mortgage…